TORONTO, ONTARIO--(Marketwire - Aug. 23, 2011) - Calvista Gold Corporation (TSX:CVZ) ("Calvista", or "the Company") is pleased to announce that its wholly-owned subsidiary, Sociedad Minera Calvista Colombia, S.A.S. ("Calvista Colombia") has entered into three option agreements with certain individuals in the Republic of Colombia to acquire certain interests in mining exploration licenses located in the California District in the Department of Santander, Colombia as follows (i) up to a 100% interest in license 90-68 (El Carmen), comprising 10 hectares and 81 square meters, in two stages, one for 20% of the license and another for 80% of the license, and (ii) a 16.66% interest in license 39-68 (Los Andes), comprising 31 hectares and 1145 square meters, (see Figure 1). The option agreements are subject to TSX approval. The holders of the mining licenses are in the process of transferring to Calvista Colombia their applicable interests in the mining licenses. These interests are subject to transfer back by Calvista Colombia in the event Calvista Colombia does not exercise the options.

License 90-98 (El Carmen): Calvista Colombia has an option to acquire up to a 100% interest in mining license 90-68 (El Carmen) by way of two option agreements, one for a 20% interest in the El Carmen property (the "20% Interest") and one for an 80% interest in the El Carmen property (the "80% Interest"). The 20% Interest will be exercisable as follows: (i) paying upon execution of the option agreement, US$150,000, (ii) paying upon registration at the Colombian mining authority of the transfer of the 20% Interest to Calvista Colombia, an additional US$150,000 plus an aggregate of fifty thousand common shares of Calvista, and (iii) paying, upon the exercise of the option, an additional amount of US$210,000 plus four hundred and forty thousand common shares of Calvista, and granting a 1.5% net smelter return royalty on gold and silver on 20% of the production from the El Carmen property. The 80% Interest will be exercisable as follows: (i) paying upon execution of the option agreement, US$150,000, (ii) paying upon registration at the Colombian mining authority of the transfer of the 80% Interest to Calvista Colombia, an additional US$150,000 plus an aggregate of four hundred thousand common shares of Calvista, and (iii) paying upon the exercise of the option, an additional amount of US$300,000 plus four hundred thousand common shares of Calvista, and granting a 1.5% net smelter return royalty on gold and silver on the remaining 80% of production from the El Carmen property. If after the exercise of the option on the 80% Interest the aggregate amount of cash paid and common shares of Calvista issued for such exercise is less than US$2,000,000, Calvista Colombia will pay the difference in either cash or common shares of Calvista, at the option of Calvista Colombia. The issuance of common shares of Calvista in accordance with the option agreements is subject to approval by the TSX. In accordance with the execution of option agreements, the holder of the mining license has submitted to the mining authorities all documents required to effect the transfer of the 20% Interest and the 80% Interest to Calvista Colombia, and the term of the option agreements will run for 18-months from the date of the registration of such transfers by the mining authority. In the event Calvista Colombia elects not to exercise the options, Calvista Colombia will transfer back its interests in the mining license.

Upon exercise of the options, Calvista Colombia will have acquired a 100% interest in license 90-68 (El Carmen), providing Calvista substantial control over a strike length of approximately 600 metres along the mineralized corridor southwest from Angostura and through Mascota, as stated in the Technical Report of the California Project NI 43-101. License 90-68 (El Carmen) is adjacent to the Callejon Blanco property (license 37-68) where drill results returned ranged from below detection to 1.53 m @ 71.2 g/t Au, and included the following select results:

Hole

From

To

Width

Grade

(g/t

(m)

(m)

(m)

Au)

Cal-10

46.48

54.58

8.10

1.22

CAL-11

58.86

90.56

31.70

1.61

CAL-11

95.13

114.08

18.95

8.13

incl

108.86

113.43

4.57

30.44

incl

111.9

113.43

1.53

71.20

CAL-12

123.44

126.96

3.52

20.42

CAL-12B

99.06

108.2

9.14

1.37

CAL-12B

113.99

131.06

17.07

2.96

incl

127.71

131.06

3.35

7.56

incl

127.71

128.62

0.91

11.43

CAL-12B

193.24

199.64

6.40

18.67

incl

194.76

196.59

1.83

51.78

Potential quantity and grade is conceptual in nature. There has been insufficient exploration to date to define a mineral resource on 37-68, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

License 39-68 (Los Andes): Pursuant to the option agreement, Calvista Colombia has an option to acquire a 16.66% interest (the "16.66% Interest") in mining license 39-68 (Los Andes) by (i) paying upon execution of the option agreement, US$175,000, (ii) paying, upon registration at the Colombian mining authority of the transfer of the 16.66% Interest to Calvista Colombia, an additional US$175,000 plus an aggregate of three hundred thousand common shares of Calvista, and (iii) paying, upon the exercise of the option, an additional amount of US$350,000 plus three hundred thousand common shares of the Company, and granting a 1.5% net smelter return royalty on gold and silver on 16.66% of production from the properties. In accordance with the option agreement, the holder of the mining license has 5 business days from the initial payment to submit to the mining authorities all documents required to effect the transfer of the 16.66% Interest to Calvista Colombia, with the term of the option agreement running for 18-months from the date of such registration. In the event Calvista Colombia elects not to exercise the option, Calvista Colombia will transfer back the 16.66% Interest. The issuance of shares of the Company in accordance with the option agreement is subject to approval by the TSX. License 30-68 (Los Andes) is located on the south west extension to the mineralization drilled last year by Calvista on the Buenavista property (license 14031) where drill results returned ranged from below detection to 1.53 m @ 67.65 g/t Au, and included the following select results:

Hole

From

To

Width

Grade

(m)

(m)

(m)

(g/t Au)

CAL-03

355.09

358.15

3.05

36.19

incl

356.61

358.14

1.53

67.65

CAL-08

277.39

278.91

1.52

3.41

CAL-08

359.18

361.18

2.00

6.00

CAL-13

261.55

265.89

4.34

1.75

Potential quantity and grade is conceptual in nature. There has been insufficient exploration to-date to define a mineral resource on license 14031, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

ABOUT CALVISTA

Calvista is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other precious metals. Calvista was initially a subsidiary of Norvista Resources Corporation ("Norvista"), a private resource-oriented merchant bank based in Toronto. Calvista's California property is comprised of nine mining titles grouped into six non-contiguous blocks covering an area of approximately 168.98 hectares located in the California mining district, Department of Santander, in Colombia. Calvista is well funded and led by a management team with over 45 years of exploration and mining experience, principally in South and Central America. Calvista's head office is located in Toronto with its Colombian headquarters located in Bucaramanga. For further details on Calvista, its management team and its California project, please refer to Calvista's web site (www.calvistagold.com). Calvista's Canadian regulatory filings can be found on SEDAR at www.sedar.com.

All technical information contained in this press release has been prepared under the supervision, reviewed and verified by Michael Johnson, the Company's President & CEO, who is a qualified person under National Instrument 43-101. Calvista has developed and implemented QA/QC protocols that meet current industry best practices. Calvista's protocol during the 2010 drilling program included the insertion of blanks and both core and reject duplicates as well as a limited number of certified standards into the sample stream. Samples with assay results greater than 10 g/t Au were re-assayed by metallic screen. Samples were prepared at a preparation facility in Medellín run by SGS Colombia S.A, before being shipped for analysis to the SGS certified assay laboratory in Lima, Peru.

CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Calvista's objectives, goals or future plans, statements regarding exploration results, potential mineralization, exploration plans and the timing of a potential resource estimate. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent to preparing a resource estimate within expected timeline, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in a jurisdiction such as Colombia, and those risks set out in Calvista's public documents filed on SEDAR. Although Calvista believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Calvista disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.